Data Mining Advantages
In todays technology age companies find that they are dealing with large volumes of data. Human Analysis of this data can be very time consuming, limited and costly. Data mining is a powerful technology which has been growing in popularity and availability in todays competitive world due to the various data mining advantages. Data mining provides the ability to understand the patterns and world somewhat better and provide for more accurate forecasting to the future.
The main advantage Data mining provides is obtaining knowledge that is contained in the data which is captured in the various business arenas. Data mining is an important part of knowledge discovery process that analyzes large sets of data. This allows us to not only answering questions we may have about the data but often providing unknown and hidden information and knowledge. In data mining you can look for patterns in large volume of data and sort the data according to your needs.
The Table below summarizes a mere sampling of various Data that is being analyzed by businesses and government identifying some of the applications and advantages they have gained with data mining technology.
Data Area
Applications & Advantages of Data Mining
Customer Relationship Management
Allows business to analyze and answer questions about their customers such as
What types of items the customers are buying?
Determine Marketing strategies of customers in a particular region.
Offer discounts for high volume selling items
What type of customer is buying a certain product or service?
Law Enforcement
The law enforcement is utilizing data mining to monitor